hyre20220620_8k.htm
false 0001713832 0001713832 2022-06-14 2022-06-14
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): June 14, 2022
 
HyreCar Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
 
001-38561
 
47-2480487
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
915 Wilshire Ave, Suite# 1950
Los Angeles, California
 
90017
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (888) 688-6769
 
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.00001 per share
HYRE
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
 
 

 
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
 
On June 14, 2022, HyreCar Inc. (the “Company”) received a letter (the “Notice”) from the listing qualifications department staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the Company’s minimum Market Value of Listed Securities (“MVLS”) was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq listing rule 5550(b)(2). The Staff also noted the Company does not meet the alternative standards under Nasdaq listing rule 5550(b)(1) or 5550(b)(3) for continued listing on the Nasdaq Capital Market. The Notice has no immediate effect on the listing of the Company’s common stock, par value $0.00001 per share (the “Common Stock”), which continues to trade on the Nasdaq Capital Market under the symbol “HYRE.”
 
In accordance with Nasdaq listing rule 5810(c)(3)(C), the Company has 180 calendar days, or until December 12, 2022, to regain compliance. The Notice states that to regain compliance, the Company’s MVLS must close at $35 million or more for a minimum of ten consecutive business days (or such longer period of time as the Nasdaq staff may require in some circumstances, but generally not more than 20 consecutive business days) during the compliance period ending December 12, 2022.
 
If the Company does not regain compliance by December 12, 2022, the Staff will provide written notice to the Company that the Common Stock is subject to delisting. At that time, the Company may appeal any such delisting determination to a hearings panel.
 
The Company intends to actively monitor the Company’s MVLS between now and December 12, 2022 and may, if appropriate, evaluate available options to resolve the deficiency and regain compliance with the minimum MVLS. While the Company is exercising diligent efforts to maintain the listing of its Common Stock on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards.
 
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
HYRECAR INC.
     
Date: June 21, 2022
By:
/s/ Joseph Furnari
   
Joseph Furnari
   
Chief Executive Officer